Episode 96
Where To Invest Money in Your Business
“Business owners are so often spending money on the wrong things, and they are not getting the results, so they are not getting the most return on their investments.” - Sonya Stattmann (4:03 - 4:15)
As a business owner, you’re regularly inundated with various programs and services that promise to be the secret to your success. With so much information coming your way, it can be difficult to differentiate between what you should invest in, and what you should stay away from.
You might be sold on the importance of a new website, a Facebook ad campaign, expensive branding, or other tools for your business. However, before you spend money on any of them, it is vital that you get clear about your driving desire to invest in a program, and on what you’re trying to accomplish.
If your desire for investment is being driven by fear or insecurity, it is likely that your investment will not bring you the results that you’re looking for. Take some time to determine the most crucial needs for your business, and what sort of investments would have the most significant positive impact to meet those needs.
“If you’re not making a significant profit in your business right now, you have a foundation problem.” - Sonya Stattmann (25:09 - 25:15)
If you’re not profitable at the moment, you must build a solid foundation for your business before you invest in anything else. You need to make sure that you have a financially viable business model. You should know who your target market is, what sort of messaging they will respond to, what your sales process looks like, and the general impression you want to leave in the marketplace.
If you have a strong foundation and business structure in place, and you’re already profitable, then it might make sense to make investments to scale your business. Consider investing in a marketing campaign, lead generation, Facebook ads, or other tools. However, it’s important to be sure that a strong foundation is in place. If you try to grow too quickly without it, any growth you obtain will likely be unsustainable.
“You can't shortcut certain foundational aspects of your business, or it will never grow.” - Laura Shook-Guzman (28:48 - 28:55)
To be successful, you need to be clear about what you’re creating, and how you intend to impact the world. An experienced business coach or mentor can go a long way in helping you answer those questions and build the proper foundation. They can take a look at your business in details and identify what pieces are missing, and what you can improve on. It might seem expensive to hire a high-quality business coach, especially if you're not yet profitable. However, a coach that knows what they are doing could be one of the best investments you make in your business, and they can potentially save you years worth of worry, stress, making wrong decisions, and ultimately a lot of money.
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